Posted on: 01st Aug, 2010 10:29 am
live in az about 150000. upside down if i did a quit cliam deed . does that take all responsible from my husband & put to me. so if we had to do a foreclosure or short sale saves his credit. that we could buy something else that we could afford. what is the best way to save our credit .
hi donnakemp,
a quit claim deed will only help you in transferring the property to your name. it will not transfer the mortgage to you. you will have to refinance the loan in your name in order to get the mortgage transferred in your name.
you can list the property in the market and try to get buyers to sell off the property. if there is a deficient balance resulting from the sale, then you need to pay it off to the lender in full. this will help you in getting rid of the property and you can get a new affordable property for yourself.
thanks
a quit claim deed will only help you in transferring the property to your name. it will not transfer the mortgage to you. you will have to refinance the loan in your name in order to get the mortgage transferred in your name.
you can list the property in the market and try to get buyers to sell off the property. if there is a deficient balance resulting from the sale, then you need to pay it off to the lender in full. this will help you in getting rid of the property and you can get a new affordable property for yourself.
thanks